Subscriber Base Surges 97%: Anghami Accelerates Expansion with Warner Bros. Discovery Deal

Revenue and Subscription Growth Define H1 2025

Anghami, the leading music and entertainment streaming platform in MENA, reported standout growth for the first half of 2025. The company’s revenue nearly doubled year-on-year, reaching US$48.4 million for the six months ending June 30, 2025—a 97% increase compared to the same period last year. The expansion wasn’t just in revenue. The paid subscriber base also shot up 97%, doubling to 3.54 million, and total registered users surpassed a milestone of 120 million.

Large-Scale Investment and Exclusive Content Fuel Ambitions

A centerpiece of Anghami’s first-half strategy was the US$57 million investment by Warner Bros. Discovery in OSN Streaming Ltd., Anghami’s majority owner. This deal has unlocked exclusive access to HBO, Max Originals, and a wave of global entertainment, setting Anghami and its OSN+ platform apart from regional competition.

The integration with OSN+ not only powered subscription growth but also improved user satisfaction, as the Anghami app’s store rating jumped from 3.8 to 4.6 stars. Partnerships with Noon and PlayStation, plus a new distribution agreement with Talabat, have further broadened Anghami’s reach across fast-growing digital channels.

Profitability Remains Under Pressure as Investments Ramp Up

While top-line numbers impressed, investments in subscriber acquisition and integration weighed on profitability. The company posted a net loss of US$37.1 million for H1 2025, signaling that expansion is coming at a significant short-term cost. Anghami’s management is implementing adjustments to its cost base to speed up the path toward long-term scale and operational synergy.

Strategic Partnerships and Platform Expansion Drive Growth Outlook

Outside of subscriber milestones and app improvements, Anghami’s growth story is being fueled by its ability to seal new content and distribution partnerships. The recent Talabat deal is expected to add further momentum in H2 2025, with more exclusive regional productions slated for early 2026. The management team remains optimistic, projecting ongoing revenue growth and greater subscriber gains as MENA’s appetite for digital entertainment increases.

Key Takeaways: Path to Market Leadership Brings Growing Pains

Anghami’s strong topline results underscore its market positioning and the value of deep content partnerships. Continued losses, however, show that scaling in the competitive streaming space demands significant upfront investment. If subscriber growth and operational efficiencies continue their positive trend, Anghami could be well-placed for stronger financial performance as its platform and partnerships mature.

For investors and industry-watchers, the next few quarters will reveal whether the company’s strategic bets—particularly its collaboration with Warner Bros. Discovery—deliver sustainable growth and a path to profitability.

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